Individual Retirement Accounts (IRAs)

Your golden years will sneak up on you before you know it. Facilitate retirement plans with an interest bearing account. Need help deciding which avenue is best? We’ll point you in the right direction. We offer Traditional* and Roth IRAs*. Both have their own unique tax advantages, and there are no setup or service fees.

Traditional IRA

Contributions are made from earned income and may be tax deductible. Interest earned is tax-deferred until distributions are taken.

  • Anyone under age 70½ can open
  • No annual fee or set-up charges
  • Contributions may be tax deductible**
  • $5,500.00 contribution limit per year
  • Additional $1,000.00 "catch-up" contribution allowed for ages 50 and up
  • Earnings accumulated tax-deferred**
  • Withdrawals can begin at age 59½
  • Mandatory withdrawals at age 70½
  • Early withdrawals subject to penalty***

Roth IRA

Contributions are made from earned income. Distributions of principal and interest may be tax free.

  • No annual fee or set-up charges
  • $5,500.00 contribution limit per year
  • Additional $1,000.00 "catch-up" contribution allowed for ages 50 and up
  • Contributions are not tax deductible**
  • Earnings and principal may be tax free upon withdrawal
  • Principal may be withdrawn penalty-free at any time*
  • Early withdrawals subject to penalty***
  • Earnings can be withdrawn penalty-free at age 59½
  • No mandatory distribution age

Need More Info?

Knowing which IRA is right for you can be confusing. If you would like more information, contact us or speak with your tax advisor.

*Penalty for early withdrawal. Some age and deposit restrictions apply

**Consult with a tax advisor.

***Certain exceptions apply, such as healthcare, purchasing first home, etc.